Congratulations, you have been pre-approved for a loan! You’re one step closer to moving into the Spring Texas home of your dreams. But don’t get too far ahead of yourself because it’s easy to screw up your loan pre-approval. As loan pre-approval does NOT guarantee you full loan approval.
1. becoming self-employed or changing jobs. Lenders want borrowers who can demonstrate consistent earnings.
2. buying a car, truck or van. Your new car payment combined with your projected monthly house payment could raise your debt to income ratio higher than lender guidelines.
3. spending the money you have saved for your down payment. Buy the house first and then the furnishings.
4. falling behind on your credit card payments. Lenders are required to check your credit score within 5 days before your closing day. Late payments could drop your score below the lender’s required minimum credit score.
5. buying furniture before buying your house. You can window shop all you want before closing day but wait until after you have closed before buying. A miscalculation of funds needed to close could you leave with a ton of new furniture but with no new house for it to be delivered to.
6. getting married. Depending upon the type of loan, your spouse’s debt may have to be combined with yours in calculating the debt to equity ratios. If the debt to income ratio is outside the lender’s guidelines, you could find yourself living in an apartment instead of a new home in Spring Texas.
7. originating new inquires on your credit report. New credit inquiries for a flat screen, patio furniture, a side by side refrigerator, or whatever else you “need” for your new house can decrease your credit score. Wait until after you close on your house before applying for a Best Buy credit card.
Give us a call at 281.804.8626 or 281.300.3141 for the name and number of a good local lender. Once you have been pre-approved for a loan, we will meet and discuss the “must have” and “nice to have” features for your home in Spring Texas.
Jill is as professional as they come in the business. My wife and I moved from California after job relocation... read moreJill is as professional as they come in the business. My wife and I moved from California after job relocation and selected Jill after reviewing her website and learning more than we thought about the Houston area.
When we met Jill, she first came across as honest, professional, and caring. She lived up to the expectation. She helped guide us in choosing the best community, SummerWood, for our situation. Jill was never pushy, impatient or unprofessional when we turned down several homes which fit our initial description. Several times we moved the goal line and changed our preferences and each time time Jill asked for clarification, gave us a professional opinion and went to work.
Our home closed before we could arrive in Houston and Jill kept our key and ensured we were catered to until we moved to Houston.
When we thought were were going to have problems with closing before my assignment started, it was Jill who went ahead and researched temporary housing for us (without me asking). She worked with our lender and represented our interests until we could arrive in Houston.
When we did move in, we got a welcome mat at our front door, gift card to a restaurant, and a list of vendors we would need to begin life in Houston.
My wife and I definitely view Jill as the Realtor to work with. She is friendly, intelligent, and she dresses nice too. Too much to list, all around nice lady. Met her husband too and I'm still trying to decide who is nicer. read less